The world of insurance distribution has changed dramatically in recent years. The traditional distribution model-with the agent or broker reaching out to “sell” the customer, supported by brand advertising via mass media-worked well enough in its day. Over the last few years, however, major trends have altered the distribution landscape dramatically and permanently, and insurers face significant challenges in adapting to these new realities.
First, consumer expectations are higher than ever before Consumers have become avid users of the Internet, and they have learned to research and compare options before uying. Knowledgeable individuals rarely buy through any distribution channel without investigating similar products, especially on �big ticket� items such as insurance. More and more consumers do their own research online, and then seek recommendations from friends, using social media sites or referral sources such as Angie�s List, Yelp, and TripAdvisor.
Read the full report:
- five new disruptive technologies that make it possible for insurers to transform distribution and significantly grow sales
- Holism represents an extraordinary opportunity for insurers to build innovation into their distribution strategies to better connect with their customers for improved sales.
Accenture is a global management consulting, technology services and outsourcing company, with more than 181,000 people serving clients in more than 120 countries. Combining unparalleled experience, comprehensive capabilities across all industries and business functions, and extensive research on the world’s most successful companies, Accenture collaborates with clients to help them become high-performance businesses and governments. The company generated net revenues of US$21.58 billion for the fiscal year ended Aug. 31, 2009. Its home page is www.accenture.com.